Announcement

Collapse
No announcement yet.

China 2005 trade surplus to top $80 bln-paper

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • China 2005 trade surplus to top $80 bln-paper

    http://today.reuters.com/business/ne...&imageid=&cap=

    BEIJING, July 26 (Reuters) - China's trade surplus will grow to more than $80 billion this year from $32 billion in 2004, a senior Commerce Ministry official said in remarks published on Tuesday.

    The International Business Daily newspaper quoted Huo Jianguo, vice-director of the ministry's foreign trade department, as saying that exports this year would grow by more than 25 percent.

    Export growth would slow slightly in the second half of this year, while import growth would pick up a bit, he was quoted as telling a seminar. Exports in June were up 30.6 percent from a year earlier; imports were up just 15.1 percent.

    China's trade surplus in the first six months of 2005 reached $39 billion.

    Huo said last week's 2.1 percent revaluation of the yuan struck a balance between the need to slow exports and spur imports. An appreciation beyond this would have a serious impact on the country's exports, he said.

    The International Business Daily also carried a report based on interviews with exporters of electronics, textiles and other manufactured goods in the coastal provinces of Zhejiang, Fujian and Guangdong.

    Many of those interviewed said that they would be able to absorb the impact of the revaluation and that it would encourage them to move up the ladder from low-cost manufacturing to higher-value-added production.

    But they cautioned that a further appreciation of the currency would put their margins under serious pressure.

    One textile company said the revaluation would have less of an impact than the curbs imposed on Chinese exports by the United States and the European Union.

  • #2
    X

    X
    Last edited by oneman28; 27 Jul 05,, 06:03.

    Comment

    Working...
    X